InterviewSolution
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InterviewSolution
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WBS is an important part of the project plan. What is a WBS? How does a WBS help in preparing a good plan? |
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Answer» Knowledge Area: Project Cost Management Cost estimating is the process of identifying all the cost drivers and arriving at the total monetary amount needed to be provisioned for completing the project. The resources to be used for developing the ERP solution will cost MONEY. Cost estimation will TAKE into account all the resource cost (man power, machine, material, facilities etc.). Cost budgeting is the process of identifying the cumulative EXPENDITURES at MAJOR milestones of the project by aggregating the individual cost estimates over a time. This process includes dividing the total project estimate against the project schedule and PREPARES an expenditure plan and arrives at the funding requirements at different stages of the project. Cost budgeting will help the management to accordingly arrange for funds in a timely manner for the project. |
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